Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream…
Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf. Sources said that the parties were in advanced talks, and that an agreement was close. One source added that the deal could be signed by the end the year.
Sources?advised that there is no guarantee that a deal would be reached between Shell and Covington, Louisiana based producer and spoke under?conditions of anonymity for private deliberations.
Shell declined to make a comment. LLOG declined to comment on a request for a statement.
LLOG currently produces 30,000 barrels of oil-equivalent per day, but according to Ross Lubetkin CEO of Welligence, the energy consultancy, this number is expected to increase by the end decade. Shell is one of the biggest energy producers in the U.S. Gulf. This region has attracted attention as energy firms have valued its long-term potential. Unnamed sources told the media in October that LLOG is exploring a possible sale.
SHELL'S UPSTREAM PORTFOLIO IS IN FOCUS
According to analysts, Shell
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